If the policyholder wants to surrender his/her life insurance policy or make a partial withdrawal from the policy fund, the following procedures need to be followed:

Surrender Policy: Reason(s) for policy surrender and the surrender form needs to be submitted at the nearest Bajaj Allianz Life Insurance branch, along with the following documents:

• Original policy documents
• Canceled cheque with the policyholder's name on it
• In case the canceled cheque does not have a pre-printed name, account number, or a new account is mentioned on the cheque, then the passbook copy/bank statement having the pre-printed name and the account number is required
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Policy surrender or cancellation form
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account
  

Partial Withdrawal: Reason(s) for the partial withdrawal and the pay-out form needs to be submitted at the nearest Bajaj Allianz Life Insurance branch, along with the following documents:

• Original policy documents
• Copy of CI or YPD submitted for the withdrawal request (carry original documents for verification in the branch)
• Canceled cheque of the insured's name
• In case the canceled cheque does not have a pre-printed name and account number or a new account is mentioned on the cheque, then passbook copy/bank statement having the pre-printed name and the account number is required
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Pay-out form
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account
  

The following options can be used to connect with Bajaj Allianz Life Insurance:

Call: 1800 209 5858 (BSNL) / 1800- 22- 5858 (TATA) / 1800- 102- 5858 (BHARTI) / 020-30305858 (Other)

Telephone Number: +91 020 66026666 (Standard STD rates apply)

Fax: +91 020 66026667

Email ID: bagichelp@bajajallianz.co.in

Mailing Address:
Bajaj Allianz House,
Airport Road,
Yerawada,
Pune-411006

Option to visit the nearest Bajaj Allianz Life Insurance branch.

Time Taken for Settlement Process Post the Policy Is Surrendered:

After the surrender request is submitted the customer gets a confirmation call for the pay-out.

• If the customer prefers a cheque pay-out, the process takes 8-10 days.
• If the customer prefers a direct credit pay-out, the process takes 7 to 8 days.

In case the customer needs to partially withdraw money from his/her policy funds, then the following given process needs to be followed:-

• A policy can be surrendered only after the lock-in period is over.
• For policies issued on or before 31 August 2010, the lock-in period is 3 years.
• For policies issued on or after 1 September 2010, the lock-in period is 5 years.
• The insured can register for partial withdraw on the company's website (www.bajajallianz.co.in) or can contact the nearest Bajaj Allianz Life Insurance branch.

Suggestive Reading: How do I cancel my Bajaj Allianz General Insurance policy?